Shanghai shares sag as China’s home prices grow at slowest rate since 2016

* SSEC -0.1%, CSI300 +0.2%, HSI -0.1%

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* Real estate index sags on slower home price growth

* Consumer staples support blue-chip index

SHANGHAI, Oct 20 (Reuters) – Shanghai shares edged lower on Tuesday, as data showing a slower pace of growth in new home prices dragged on stocks of banks, industrial firms and property developers. ** New home prices in China grew at their slowest pace in more than 4-1/2 years as tightening measures introduced by some big cities to guard against a potential bubble weighed on a market that has provided much-needed support to an economy hard-hit by the novel coronavirus pandemic. ** At the midday break, the Shanghai Composite index was down 0.13% at 3,308.31 points. ** The CSI300 real estate index was down 1.06% at midday and the financial sector sub-index fell 0.53%. ** But the broader blue-chip CSI300 index gained 0.17% after flitting

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China’s new home prices grow at slowest rate since 2016 on tighter rules

BEIJING (Reuters) – New home prices in China grew at their slowest pace in over 4-1/2 years as tightening measures in some big cities helped cool the property market despite a broader economic recovery.

New home prices in China also grew at a slightly slower monthly pace in September, official data showed on Tuesday, while the number of cities reporting monthly price increases for new homes fell.

A recovery in China’s property market has provided much-needed support to an economy hard-hit by the coronavirus earlier this year. But policymakers have rolled out new restrictions in recent months on concerns of a potential market bubble.

“The broad tightening of housing policies since July has had an impact on home prices data,” said Zhang Dawei, a Beijing-based analyst with property agency Centaline.

Average new home prices in 70 major cities rose 0.4% in September from a month earlier, compared with a 0.6%

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China’s new home prices grow more slowly in September

September new home prices up 0.4% m/m vs 0.6% uptick in August

September new home prices up 4.6% y/y vs 4.8% increase in August

55 out of 70 cities reported higher prices, vs 59 in August

Adds details, backgrounds

BEIJING, Oct 20 (Reuters)New home prices in China grew at a slightly slower monthly pace in September, data showed on Tuesday, weighed down by tightening measures in some big cities to curb a potential market bubble.

Average new home prices in 70 major cities rose 0.4% in September from a month earlier, compared with a 0.6% increase in August, according to Reuters calculations based on data released by the National Bureau of Statistics.

On an annual basis, home prices rose 4.6% in September, the slowest pace since February 2016, and versus a 4.8% expansion in August.

The property market was among the first to

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